That’s possible Amy… but I suspect we’ll have some downside this week first. Then possibly next week we run up and make a new high? We are in a choppy “topping” area right now and this could last for several move weeks.
Meaning we could have a few fairly large down days with rallies just afterwards to recapture the losses. This range of up and down moves just is the big institutions dumping on every rally up. But at some point soon (2-3 weeks?) the “buy the dippers” retail crowd will run out of money and then we’ll see some real selling.
There are many individual stocks that haven’t recovered from the selling 2 weeks ago even though the overall market rallied back up and erased the losses. This is an early sign that the whole market will soon rollover.
Could we make a new high up to 1910-1915 soon? Yeah, it’s possible. But the way the market is acting now it’s clearly having trouble getting through the prior high. However, if the big institutions just don’t dump their shares in this double top area then we could see it breakthrough some higher high, but I don’t think it will.
There’s needs to be some good buying volume from the retail traders in order for the big institutions to sell their shares into. That means we need some good earnings reports to come out this week and next, and it must be from popular companies. We seen Facebook and Apple last week and as soon as the market opened the following day the big boys dumped hard.
Any other time the great earnings from Apple would have rallied the market up 200 Dow points or more, but it just gapped up and crapped down as the institutions used the big buying volume to unload their shares. The stopped selling after the SPX dropped around 20 points from it’s high. At some point they are going to just keep on selling and we’ll see a BIG Move DOWN Happen!
My estimates are that we’ll drop some this week and recover some next week. Then by the second half of May we should see the big selling start. Don’t know when of course but we do have a Legatus meeting starting on the 28th this month, which could be a top of some kind before a big dump?
Maybe between now and then we do some type of wave one down and way two up, which tops out around then and starts our wave 3 down? If we don’t make a new high then we could have already made the wave one and two, but who’s to say that we don’t hit 1900 or so and then start the wave one down and two up into Legatus? I just think we’re going to be in a choppy (wild swing) range for a few more weeks.
The failure of the market to make a new high today is a very bearish sign. The volume is very low today and that usually supports the bulls. During days of light volume the market should float up but it’s not doing that today. As long as we don’t make a new high then this entire move up is just a larger wave 2 with a wave 3 down expected to start soon afterwards.
We could see some heavy selling start next week if we don’t make a new high… and so far it’s not looking like it wants too! In fact it wouldn’t shock me to see some (planned) bad news released over the weekend to cause a gap down on Monday. I’m not saying that’s going to happen of course but I wouldn’t be surprised if it did.
The Miami Thrice purposely tanked and gave up the #1 seed for the playoffs which went to Indiana. Indiana furiously flailing in round 1 and on the verge of elimination. Is Indiana representing the 1987 NCAA champion Indiana team for the ritual? Miami now a #2 seed against the 7 seed.
Lakers fired their head coach/ or he officially resigned after the Lakers lost 55 games last year (27-55 record) yesterday one day after the Sterling NBA decision and on the opposite side of the solar eclipse in LA. LA=121. His two year record: 67-87
The guy gets a lifetime ban and possibly stripped of ownership of his team for private comments that were purportedly illegally recorded although it sounds like it was produced in a professional recording studio and sounds like he’s reading from a Quentin Tarantino produced screenplay. It’s actually quite comical. NBA owners going after one of their own with the corporate controlled media universally condemning him at a fever pitch. At first, I thought it was just hype for the Clipper-Warriors playoff series with the Clippers predictably falling on their face after Sterling’s spurious comments were released last Sunday but then they brought Obozo into the mix and had high profile NBA players and owners tweeting condemnations of Sterling. Then the NBA coming down hard on him Wednesday before Game 5 of the series in LA, just ahead of solar eclipse Wednesday night curiously 709 days from the great Mayan solar eclipse of May 20, 2012 (conjunct the Pleiades) which saw a nationally televised Dodgers-STL game played under the solar eclipse in LA.
Alas the game did feature some memorable highlights like a 55-50 halftime score. And then benchwarmer Clipper #8, who had no reason for even getting into a playoff game, entered the game in the 3rd quarter and was promptly run over by Warriors player #10 flopping to the ground in dramatic fashion and eventually being removed from the floor by medical personel even though it appeared he fell cleanly to the ground. Now he has been declared out for tonight’s game. They flashed a nice 10-11 while #8 flopped to the gound, also a 10-11-22 combo.
Can’t quite find a 1987 connection to Sterling although he did buy the team in 1982 (bull market begining) for $12 million dollars so the number 31 does seem to have a recurring theme here. His girlfriend, (see above) is 31 years old. Somehow the wife is still involved in his life even though she’s suing the girlfriend and now has become the face of the franchise with Sterling’s banishment. So utterly ridiculous. And for more hilarity check out the photos above. Notice the numbers in the background including the nail salon’s address.
Also a social media infused scandal, a reflection of the current age….. the social media infused tech bubble….
ES Charts: http://niftychartsandpatterns.blogspot.in/2014/05/es-chart-analysis_5.html
That’s possible Amy… but I suspect we’ll have some downside this week first. Then possibly next week we run up and make a new high? We are in a choppy “topping” area right now and this could last for several move weeks.
Meaning we could have a few fairly large down days with rallies just afterwards to recapture the losses. This range of up and down moves just is the big institutions dumping on every rally up. But at some point soon (2-3 weeks?) the “buy the dippers” retail crowd will run out of money and then we’ll see some real selling.
There are many individual stocks that haven’t recovered from the selling 2 weeks ago even though the overall market rallied back up and erased the losses. This is an early sign that the whole market will soon rollover.
Could we make a new high up to 1910-1915 soon? Yeah, it’s possible. But the way the market is acting now it’s clearly having trouble getting through the prior high. However, if the big institutions just don’t dump their shares in this double top area then we could see it breakthrough some higher high, but I don’t think it will.
There’s needs to be some good buying volume from the retail traders in order for the big institutions to sell their shares into. That means we need some good earnings reports to come out this week and next, and it must be from popular companies. We seen Facebook and Apple last week and as soon as the market opened the following day the big boys dumped hard.
Any other time the great earnings from Apple would have rallied the market up 200 Dow points or more, but it just gapped up and crapped down as the institutions used the big buying volume to unload their shares. The stopped selling after the SPX dropped around 20 points from it’s high. At some point they are going to just keep on selling and we’ll see a BIG Move DOWN Happen!
My estimates are that we’ll drop some this week and recover some next week. Then by the second half of May we should see the big selling start. Don’t know when of course but we do have a Legatus meeting starting on the 28th this month, which could be a top of some kind before a big dump?
Maybe between now and then we do some type of wave one down and way two up, which tops out around then and starts our wave 3 down? If we don’t make a new high then we could have already made the wave one and two, but who’s to say that we don’t hit 1900 or so and then start the wave one down and two up into Legatus? I just think we’re going to be in a choppy (wild swing) range for a few more weeks.
I believe we test new highs this week. We need to close at 1891 for 1910-1915.
EBAY Weekend update: http://niftychartsandpatterns.blogspot.in/2014/05/ebay-weekend-update.html
Blackberry weekend update: http://niftychartsandpatterns.blogspot.in/2014/05/blackberry-weekend-update.html
The failure of the market to make a new high today is a very bearish sign. The volume is very low today and that usually supports the bulls. During days of light volume the market should float up but it’s not doing that today. As long as we don’t make a new high then this entire move up is just a larger wave 2 with a wave 3 down expected to start soon afterwards.
We could see some heavy selling start next week if we don’t make a new high… and so far it’s not looking like it wants too! In fact it wouldn’t shock me to see some (planned) bad news released over the weekend to cause a gap down on Monday. I’m not saying that’s going to happen of course but I wouldn’t be surprised if it did.
The Miami Thrice purposely tanked and gave up the #1 seed for the playoffs which went to Indiana. Indiana furiously flailing in round 1 and on the verge of elimination. Is Indiana representing the 1987 NCAA champion Indiana team for the ritual? Miami now a #2 seed against the 7 seed.
Lakers fired their head coach/ or he officially resigned after the Lakers lost 55 games last year (27-55 record) yesterday one day after the Sterling NBA decision and on the opposite side of the solar eclipse in LA. LA=121. His two year record: 67-87
This whole Donald Sterling/ Clippers ritual just fascinates me……..
http://www.x17online.com/gallery/view_gallery.php?gallery=Stiviano050114_x17
The guy gets a lifetime ban and possibly stripped of ownership of his team for private comments that were purportedly illegally recorded although it sounds like it was produced in a professional recording studio and sounds like he’s reading from a Quentin Tarantino produced screenplay. It’s actually quite comical. NBA owners going after one of their own with the corporate controlled media universally condemning him at a fever pitch. At first, I thought it was just hype for the Clipper-Warriors playoff series with the Clippers predictably falling on their face after Sterling’s spurious comments were released last Sunday but then they brought Obozo into the mix and had high profile NBA players and owners tweeting condemnations of Sterling. Then the NBA coming down hard on him Wednesday before Game 5 of the series in LA, just ahead of solar eclipse Wednesday night curiously 709 days from the great Mayan solar eclipse of May 20, 2012 (conjunct the Pleiades) which saw a nationally televised Dodgers-STL game played under the solar eclipse in LA.
Alas the game did feature some memorable highlights like a 55-50 halftime score. And then benchwarmer Clipper #8, who had no reason for even getting into a playoff game, entered the game in the 3rd quarter and was promptly run over by Warriors player #10 flopping to the ground in dramatic fashion and eventually being removed from the floor by medical personel even though it appeared he fell cleanly to the ground. Now he has been declared out for tonight’s game. They flashed a nice 10-11 while #8 flopped to the gound, also a 10-11-22 combo.
Can’t quite find a 1987 connection to Sterling although he did buy the team in 1982 (bull market begining) for $12 million dollars so the number 31 does seem to have a recurring theme here. His girlfriend, (see above) is 31 years old. Somehow the wife is still involved in his life even though she’s suing the girlfriend and now has become the face of the franchise with Sterling’s banishment. So utterly ridiculous. And for more hilarity check out the photos above. Notice the numbers in the background including the nail salon’s address.
Also a social media infused scandal, a reflection of the current age….. the social media infused tech bubble….
ES Chart analysis: http://niftychartsandpatterns.blogspot.in/2014/05/es-chart-analysis.html
Bank of America chart analysis: http://niftychartsandpatterns.blogspot.in/2014/04/bank-of-america-analysis-before-opening.html